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Qualify to buy before selling current home

By Dian Hymer, Monday, February 6, 2012.
<a href="http://www.shutterstock.com/gallery-549673p1.html" target=blank>House key image</a> via Shutterstock.com.

Buying a first home is hardly easy, but it pales in comparison to buying your next home. Usually, two transactions are involved: the purchase of the new home and the sale of your current home. In other words, double the complexity.

Most homeowners would rather know where they're going to live next before they let go of their current home, particularly if they have small children. However, stringent lender qualifying requirements make it impossible for most buyers to buy before selling.  more...

Sellers: Don't overdo it on home improvements

By Dian Hymer, Monday, January 30, 2012.
<a href="http://www.shutterstock.com/gallery-93178p1.html">Painting image</a> via Shutterstock.com.

Homeowners who are thinking about selling this year should be aware of what today's buyers are looking for in a home. It will affect what you should do to get your home ready for sale, and how you should price it.

A survey by the National Association of Realtors in 2011 found that buyers favor walkable neighborhoods that are close to shops, restaurants and local businesses over neighborhoods that require more driving between home, work and recreation.  more...

Pros and cons of pricing home under market

By Dian Hymer, Monday, January 23, 2012.
<a href="http://www.shutterstock.com/gallery-100760p1.html" target=blank>House for sale image</a> via Shutterstock.com.

Don't jump to conclusions when you hear that a listing sold for more than the asking price. You need more information. Are prices are heading up in your area, or did the sellers intentionally price low to stimulate multiple offers?

There was good news about the housing market recently. In October, pending sales rose 9.2 percent from the same month a year earlier, according to the National Association of Realtors. Pending sales are a leading indicator, and the index is a measure of homebuying interest.  more...

Price is not all that matters in real estate sales

By Dian Hymer, Monday, January 16, 2012.
<a href="http://www.shutterstock.com/gallery-59982p1.html">House and cash image</a> via Shutterstock.com.

Negotiation strategies differ depending on how well the home is priced and who's on the other side. If you're trying to buy a short-sale listing where the lender has to agree to accept less than the amount owed, the seller doesn't have much say in the negotiations about price unless he can contribute money to pay down the loan amount.

Regardless of who you're dealing with, you're more likely to grab a seller's or lender's attention if you are preapproved for the mortgage you'll need and can provide verification of cash for the down payment and closing costs.  more...

Economists don't agree on real estate recovery

By Dian Hymer, Monday, January 9, 2012.
<a href="http://www.shutterstock.com/gallery-540784p1.html" target=blank>Recession vs. recovery image</a> via Shutterstock.com.

It wasn't long ago that some economic forecasters anticipated a turnaround in the home-sale market by 2012. When the economic recovery stalled and the housing market showed no sign of turning around quickly, projections for a housing recovery were pushed out two, three and even seven years.

Ken Rosen, chairman of the Fisher Center for Real Estate & Urban Economics at the University of California, Berkeley, believes that home prices have bottomed and are increasing in areas powered by strong job growth. However, even in places where prices are rising, they are not rebounding.  more...

Know risks when forgoing inspection contingency

By Dian Hymer, Monday, January 2, 2012.
<a href="http://www.shutterstock.com/gallery-478396p1.html" target=blank>Home and magnifying glass image</a> via Shutterstock.com.

Think again if you're considering buying a home without having it inspected. This particularly applies to first-time buyers who have little, if any, experience with home defects and repairs. Even professionals can make mistakes when buying homes without having them thoroughly inspected.

In one example, an experienced contractor bought a home to fix up and resell. The contractor looked over the property carefully before he bought it, but he did not have it inspected by an impartial home inspector.  more...

5 tips to stay on top of home maintenance

By Dian Hymer, Thursday, December 22, 2011.
<a href="http://www.shutterstock.com/gallery-306199p1.html">Toolbox image</a> via Shutterstock.com.

You're not alone if your roof is leaking and you're kicking yourself for not having called a roofer during the summer months. Most people have a limited concept of preventative maintenance. This can lead to big problems that end up being more expensive than if you had routine maintenance in place.

Many buyers don't understand that home maintenance goes with homeownership. When you rent, someone else usually pays for repairs. As a homeowner, you're responsible for keeping your home in good condition.  more...

3 tips for staging your home to sell

By Dian Hymer, Monday, December 19, 2011.
<a href="http://www.shutterstock.com/gallery-85699p1.html">Paint brush image</a> via Shutterstock.com.

Today's buyers are looking for turnkey homes. That is, they want to move right in without having to do a lot of work. Buyers with busy lifestyles pay a premium for listings that are in prime condition. Staging can make the difference between a listing selling or not, the time it takes to sell, and the ultimate sale price.

Sellers who are financially strapped often have a hard time accepting that they'll need to invest in preparing a house for sale even though they may sell for less than they paid. Fix-up costs can mount up; your agent can help you prioritize so that you don't waste money. It's important to keep your goal in mind, which is to sell your house in a difficult market.  more...

4 ways to attract more buyers to real estate listings

By Dian Hymer, Monday, December 12, 2011.
<a href="http://www.shutterstock.com/gallery-158335p1.html">Paint brush image</a> via Shutterstock.com.

Some buyers are looking for a home that's located in a specific neighborhood. Others have more flexibility regarding where they live. But most buyers share one thing in common: They want a home that's in move-in condition.

Start working on attracting buyers to your home by putting the property in good condition before it goes on the market. In most cases, it's not a good idea to show your home to a prospective buyer before it's ready to be shown. Photos should also wait until your home presents itself well.  more...

4 ways to overcome appraisal roadblocks

By Dian Hymer, Monday, December 5, 2011.
<a href="http://www.shutterstock.com/gallery-211147p1.html" target=blank>3-D image</a> via Shutterstock.

Appraisals have stymied many borrowers' attempts to purchase or refinance in recent years. A major problem due to the decline in home prices since the market peaked in 2006 is that properties haven't appraised high enough for the lender to grant the mortgage amount the borrower requested.

Refinancers who bought during the peak years have had difficulty refinancing if their mortgage amount exceeded the appraised value of the property. The Home Affordable Refinance Program (HARP) was designed to help people in this situation.  more...

5 keys to buying a home in today's market

By Dian Hymer, Wednesday, November 30, 2011.
<a href="http://www.shutterstock.com/gallery-644518p1.html">DankaLilly</a>/<a href="http://www.shutterstock.com">Shutterstock</a>

Interest rates dropped to new lows at the end of the first week in October. Thirty-year fixed-rate conforming loans were available in some areas with an interest rate of less than 4 percent. However, during the same week, mortgage applications dropped 4.3 percent, according to the Mortgage Bankers Association.

In past markets, low interest rates ignited the home-sale market. Not so today.  more...

5 housing bubble lessons for buyers

By Dian Hymer, Monday, November 21, 2011.
<a href="http://www.shutterstock.com/gallery-585046p1.html" target=blank>Rufous</a>/<a href="http://www.shutterstock.com" target=blank>Shutterstock</a>

Many mistakes were made by homebuyers and sellers during the great housing bubble that burst in 2007. Today's buyers and homeowners can learn from these past mistakes.

Home prices went up for so long that most people believed that this time things were different. Previously, when prices rose for several years in a row, there was usually a correction in the market. In 2005 and 2006 when prices rose precipitously and buyers clambered to buy, it was thought that prices would never come down.  more...

Top reasons to sell home in winter

By Dian Hymer, Monday, November 14, 2011.
<a href="http://www.shutterstock.com/gallery-153391p1.html" target=blank>dragon_fang</a>/<a href="http://www.shutterstock.com" target=blank>Shutterstock</a>

We're getting close to the end of the year, which begs the question of whether it's worthwhile trying to sell your home now. Is it a waste of time? Will it sit on the market and become shopworn? Should I take my house off the market for the holidays? Will the home-sale market be better for sellers in 2012?

The first question you need to ask yourself is: Are you emotionally prepared to sell? Selling is a challenge for most sellers, although some markets are better than others. Unless you bought more than eight to 10 years ago and preserved your equity, you may not be able to sell for enough to pay off the mortgages secured against the property and the other costs of selling.  more...

What you should know about backup real estate offers

By Dian Hymer, Monday, October 31, 2011.
<a href="http://www.shutterstock.com/gallery-461077p1.html">Sergej Khakimullin</a>/<a href="http://www.shutterstock.com">Shutterstock</a>

Buyers who lose out in a multiple-offer competition or who make an offer a little too late may be offered the opportunity to be in a backup position. A backup offer is one that's accepted subject to the collapse of an already accepted offer.

The seller can accept multiple backup offers, in which case they are ranked: backup offer No. 1, backup offer No. 2, and so forth. It's rare in the current market for there to be more than one backup offer.  more...

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